Friday, April 27, 2012

Another FBAR conviction

On April 20, 2012, in a huge win for the government, a jury found Attorney Rick Matsa of Ohio guilty of one count of willfully failing to file a Report of Foreign Bank and Financial Accounts (FBAR).

The Justice Department and Internal Revenue Service (IRS) announced on April 20, 2012 that attorney Aristotle “Rick” R. Matsa, of Worthington, Ohio, was convicted of numerous tax fraud and obstruction of justice related offenses, including witness tampering and making a false statement.
In addition, Rick Matsa and his mother, Loula Z. Matsa, were convicted of conspiracy to obstruct justice, commit perjury, and make false statements, following a five-week trial in Columbus, Ohio, before the Honorable Edmund A. Sargus Jr.
Attorney Matsa faces a potential sentence of 108 years imprisonment and a fine of up to $3.25 million.  In addition, mother Loula Matsa faces a potential sentence of five years imprisonment, a fine of $250,000 Read this article to learn how to get FBAR help to avoid this tragedy happening to you.
If you’re a U.S. citizen, or if you have permanent residence status (a ‘green card’) or visa, you must declare any income earned in the U.S. or abroad on your annual IRS tax filing. This includes investment income, bank account interest, and any other asset that generates income.

If you you’ve failed to report income and filing an FBAR , you can be prosecuted for federal tax evasion – a felony – which as Attorney Matsa and his mother found out, is a felony which carries huge jail time and staggering fines.

The IRS’s focus and attention is all about offshore accounts. From criminal to audits, the IRS is training and hiring huge amounts of new staff to crack down on people they feel are breaking the law.

 Department of Justice's take on this conviction:

“Today’s verdict shows that attorneys and other professionals who violate the tax laws or who attempt to obstruct justice will be held accountable for their actions,” said Assistant Attorney General for the Tax Division Kathryn Keneally. “Those who illegally attempt to hide their income and assets from the IRS through fraudulent trusts or offshore bank accounts will be prosecuted and punished.”

“Those Americans who file accurate, honest and timely tax returns can be assured that the government will hold accountable those who don’t,” said Rick A. Raven, Acting Chief, IRS Criminal Investigation.”

The experienced Tax Attorneys at Marini and Associates, PA can help you resolve your FBAR Problems!

We want our clients to make the best decision when they are presented with uncomfortable facts in this highly-aggressive FBAR enforcement climate.

We’ve helped clients understand how to weigh advantages of the 2012 Offshore Voluntary Disclosure Initiative (OVDI) and calculate risks when confronted with other choices such as “quiet” or “soft” disclosure and expatriation, along with the risk of doing nothing. 

It has never been more important to get FBAR help than it is now!

For FBAR HELP contact the Tax Attorneys at Marini and Associates PA, at our website or call usToll Free at (888) 882-9243 (888 8TAXAID).

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